Results 19,581-19,600 of 27,019 for speaker:Michael Noonan

Written Answers — Department of Finance: Tax Yield (8 Nov 2012)

Michael Noonan: Domicile is a complex concept of general law. It may, broadly, be interpreted as meaning residence in a particular country with the intention of residing permanently in that country. An individual acquires a domicile of origin on his/her birth. Whilst each individual has a domicile, that domicile may or may not be the country in which he or she is tax resident. An individual is not...

Written Answers — Department of Finance: Tax Reliefs (8 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that the latest relevant available information relates to the income tax year 2010. In that year, an estimated 2,350 claimants availed of the artists’ exemption scheme at an estimated cost to the Exchequer of €9.6 million. It should be noted that this figure takes account of the high income individuals' restriction which took effect for...

Written Answers — Department of Finance: Employment Investment Incentive Scheme (8 Nov 2012)

Michael Noonan: I assume the Deputy is referring to the Seed Enterprise Investment Scheme (SEIS), which the UK introduced to supplement its Enterprise Investment Scheme (EIS). The SEIS provides a higher rate of relief for qualifying investments in early stage enterprises, than is available under EIS and was introduced with effect from the 6th of April this year. We have a similar incentive to the EIS...

Written Answers — Department of Finance: Banking Sector Remuneration (8 Nov 2012)

Michael Noonan: I have been advised by the Banks that unfortunately this it has been impossible to collate this information within this short timeframe. I will forward this information to the Deputy as soon as it is made available to me.

Written Answers — Department of Finance: Alcohol Sales (8 Nov 2012)

Michael Noonan: I am advised by the Revenue Commissioners that inspections for under age alcohol selling and the sale of alcohol outside opening hours are a matter for the Garda Síochána. I understand the Minister for Justice will provide this information to the Deputy directly. The main thrust of Revenue’s compliance programmes in relation to licensing is to target persons for enquiry...

Written Answers — Department of Finance: Pension Provisions (7 Nov 2012)

Michael Noonan: I am aware of the proposal from IBEC for pre-retirement access to be allowed for individuals to certain forms of pension saving arrangements, subject to conditions. This proposal is being examined although there are various difficulties associated with permitting early access to pension savings to which I have referred in previous replies to parliamentary questions on this issue. It is not...

Written Answers — Department of Finance: VAT Rates (7 Nov 2012)

Michael Noonan: The Finance (No. 2) Act 2011 provided for a second reduced VAT rate, of 9%, on a temporary basis in respect of certain tourism-related services and goods for the period 1 July 2011 to 31 December 2013. This measure is aimed at contributing towards boosting tourism and the creation of additional jobs in that sector. Initial analysis of the impact of 9% VAT rate indicates that employment...

Written Answers — Department of Finance: Insurance Costs (7 Nov 2012)

Michael Noonan: At the outset the Deputy should note that individual decisions on pricing and underwriting are a commercial matter for insurance companies and neither I, nor the Central Bank, has any influence over this matter. I have been informed that each application for flood cover is considered on a case by case basis, as this allows an insurance company to properly assess the risk it is accepting....

Written Answers — Department of Finance: Departmental Meetings (7 Nov 2012)

Michael Noonan: My Department has supplied me with the following list of dates in 2011 and 2012 that my officials met with officials of the Irish Bankers Federation. 2011 3 February (1 meeting) 15 March (1meeting) 13 April (1 meeting) 14 April (1 meeting) 15 April (1 meeting) 18 April (1 meeting) 25 May (1 meeting) 12 July (1 meeting) 11 August (1 meeting) 29 August (1 meeting) 22...

Written Answers — Department of Finance: Banking Sector Remuneration (7 Nov 2012)

Michael Noonan: I have been advised by the Bank of the following information with regard to staff’s annual salary as at 31st December 2011. (Salary only) Staff No’s # as at 31 Dec 2011 Ireland, UK and US €0 - €99,000 1060 €100,000 - €149,000 108 €150,000 - €199,000 23 €200,000 - €299,000 21 €300,000 -...

Written Answers — Department of Finance: Banking Sector Remuneration (7 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 44 to 46, inclusive, together. I have been advised by IBRC that the CEO, Mike Aynsley, is a permanent employee of the Bank. Mr Aynsley’s contract was entered into in August 2009 and was effective from 7 September 2009. The normal termination date of the contract is upon the CEO’s 60th birthday which is 24 March 2018. Standard termination...

Written Answers — Department of Finance: Banking Sector Remuneration (7 Nov 2012)

Michael Noonan: At a meeting on the 5th April 2012, I asked the Chairman of IBRC, Mr Alan Dukes, if the Board of the Bank would consider a reduction of 15% in senior management salaries. Mr Dukes subsequently informed me that reductions in pay levels for individual staff in IBRC, (the entity tasked with winding down the former Anglo Irish Bank and INBS), had been considered by the Board of the Bank and that...

Written Answers — Department of Finance: Tax Reliefs (7 Nov 2012)

Michael Noonan: The schemes providing for tax relief for investment in small and medium-sized enterprises are as follows. The Employment and Investment Incentive (EII) EII is a tax incentive that provides tax relief for investors who purchase new ordinary shares in small and certain medium-sized companies carrying on a trade, and who hold those shares for a minimum of three years. The incentive is...

Written Answers — Department of Finance: Tax Yield (7 Nov 2012)

Michael Noonan: It is the standard practice for the Minister for Finance to review all tax expenditures and reliefs in the run up to the annual Budget. It is also a longstanding practice of the Minister for Finance not to comment, in advance of the Budget, on any tax matters that might be the subject of Budget decisions. However, in general, the marginal tax rate, which is described as the tax rate that...

Written Answers — Department of Finance: National Asset Management Agency (7 Nov 2012)

Michael Noonan: The National Asset Management Agency advises that it is acting as Promoter of the QIF and is taking all necessary steps towards obtaining regulatory approval for the QIF. The Deputy may wish to consider the Central Bank Guidance Note 2/96 - Promoters of Collective Investment Schemes for information about the role and responsibility of the Promoter.

Written Answers — Department of Finance: National Asset Management Agency (7 Nov 2012)

Michael Noonan: I am advised that regulatory requirements stipulate that the Board must comprise a minimum of three suitably qualified directors. The National Asset Management Agency proposes to nominate one director. It is envisaged that the investment manager to the QIF will appoint one director and subsequent directors will be appointed by the QIF once it has been incorporated. The remuneration of...

Written Answers — Department of Finance: Tax Reliefs (7 Nov 2012)

Michael Noonan: Tax reliefs are kept under continuous review. However, as the Deputy will be aware, it would not be appropriate for me to comment in advance on possible Budget decisions.

Written Answers — Department of Finance: Pension Provisions (7 Nov 2012)

Michael Noonan: An Approved Minimum Retirement Fund (AMRF) is established where a person, who would otherwise be eligible to take retirement benefits from a pension arrangement in the form of either a taxable lump sum payment or investment in an Approved Retirement Fund (ARF), is unable to satisfy the “specified minimum income” requirement. The “specified minimum income”...

Written Answers — Department of Finance: Tax Collection (7 Nov 2012)

Michael Noonan: This is a matter for the Revenue Commissioners. I am advised by Revenue that numerous efforts were made to meet the taxpayer concerned to give him an opportunity to discuss his affairs and resolve the outstanding issues. However, to date no engagement with the taxpayer has been forthcoming. Revenue also afforded the taxpayer and his agent the opportunity to file correct returns but to date...

Written Answers — Department of Finance: Banking Sector Remuneration (7 Nov 2012)

Michael Noonan: Unfortunately, it is not possible to supply the information the Deputy has requested at this time. My officials and officials in the covered institutions (in conjunction with certain of the trustees of the underlying pension schemes) are considering a number of issues, including the provisions of the Data Protection Act, which may prevent me from releasing some (or all) of the data which you...